The Japanese regulator has provided Scripturally the status of self-regulatory
The financial services Agency of Japan (FSA) decided to give the Association of licensed Japanese kryptomere real authority.
According to the decision of the FSA, the Association will now be responsible for the development and adoption of rules for the protection of clients ‘ assets to participate in the measures to combat money laundering and to regulate the activities of cripture in operation.
Officials after a series of trial steps, came to the conclusion that the industry is changing too fast to someone on the outside managed to respond to these changes. “The experts are much better to cope with operational refinement and changes of rules than the bureaucrats,” — said the representative of the FSA.
The decision came into force today, the basic set of rules and standards is already available on the website of the Association JVCEA. While the administrative staff consists of 15 people, the rest of the month will be added five new employees.
The Japanese Association of exchanges, working with virtual currencies, or JVCEA, was established in April 2018. It includes 16 companies of the license holders of crypto currency exchange. The Association was created after the infamous hacking Coincheck, which was stolen NEM tokens on more than $500 million.
Of the initiatives already taken by the Association, you can recall the prohibition of insider trading in September, and limiting the amount of funds allowed to be stored on the “hot wallet”, 10-20% of the total amount of clients ‘ funds. The latter measure was proposed in October as a reaction to the consequences of breaking the crypto currency exchange Zaif.